hacker seated with code on screens, laptop and payment card Image: Shutterstock

In 2021, consumers reported losing over $5.8 billion to fraud, more than a 70% increase from the previous year, according to the Federal Trade Commission. And, in the first six months of 2022, $3.56 billion was lost to online fraud, almost a 50% increase from the same period in 2021. Fraud is increasing, and there seems to be no shortage of avenues through which it occurs: Credit card, insurance, identity and the list goes on. In addition, the state of the economy and the lingering threat of a recession have encouraged scammers and fraudsters to increase their efforts.

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